The deletion of the addition of Rs. 33 lacs, which had been made by the Assessing Officer on account of unexplained share capital under Section 68 of the said Act. The second issue pertains to the deletion made by the Tribunal of the addition of Rs. 35,06,292/- by the Assessing Officer on account of alleged unexplained security deposits under Section 68 of the said Act.
For the purposes of trading and settlement operations, you are advised to inform the trading/clearing members of your Stock Exchange accordingly.
The Reserve Bank of India (RBI) has capped fees charged by banks for electronic payment (e-payment) and collection of outstation cheques. The move is aimed at popularising electronic payments and discouraging higher charges levied by banks on customers.
Amendment to Section 20 of the Indian Trusts Act, 1882 (2 of 1882) which relates to investment of trust money has been approved by the Cabinet today. A Bill will be introduced in the ensuing Session of Parliament.
The Principal notification was published in the Gazette of India, Extraordinary, vide Notification No.36/2001 – Customs (N.T.), dated, the 3rd August, 2001 (S.O.748 (E), dated, the 3rd August, 2001) and was last amended vide Notification No. 112/2008-Customs (N.T.), dated, the 1st October, 2008 (S.O. 2366 (E) dated 1st October, 2008).
Accordingly the enhanced limit for investment in corporate debt shall be allocated among the FIIs on a ‘first come first served’ basis in terms of our Circular dated January 31, 2008, subject to a ceiling of US $300 million per registered entity.
The format for the information pertaining to securities lent by the FIIs to entities abroad is enclosed in Annexure A for cash securities & Annexure B for derivatives positions.
The issues have been considered. It is seen that sub- paras 8.3.1 (ii) and (iv) of Handbook V.I do not impose restriction on submission of multiple applications. However, to reduce the paper work and ensure proper monitoring, there is necessity to limit the number of applications which an applicant may file within a year. Therefore, it is clarified that in respect of all the claims arising for a particular month /quarter (as per the option of applicant), one consolidated application should be filed within the stipulated time period.
The Principal notification No.84/2004-Customs, dated the 30th August, 2004 was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-Section (1) vide G.S.R.549 (E), dated the 30th August, 2004 and last amended by notification No.122/2006-Customs dated, the 30th December, 2006 which was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-Section (i) vide number GSR 783(E), dated the 30th December, 2006.
The method adopted by a company to arrive at a transfer price is valid unless the tax officer can prove that the company had manipulated the price to shift profits outside India, the Income-Tax Appellate Tribunal (ITAT) has ruled. The tribunal has also observed that the transfer pricing officer (TPO) should have sufficient ground to suspect the shift in profits before invoking the transfer pricing rules.
